Agreement on Trade Facilitation
- Trade facilitation is about the simplification of import and export processes.
- The Agreement on Trade Facilitation (TFA) is the first multilateral trade agreement concluded by the World Trade Organization (WTO) since its establishment in 1995. The TFA entered into force on 22 February 2017.
- The TFA contains provisions on expediting the movement, release and clearance of goods, as well as on cooperation between customs and relevant authorities. It seeks to make cross border trade in goods easier, reduce costs and improve efficiency in doing business under a more transparent and predictable trading environment.
- Hong Kong, China (HKC) was the first WTO Member to formally accept the TFA in December 2014. We also committed to fully implement all provisions of the TFA upon its entry into force even when phased-in implementation is allowed. This reflects HKC's strong commitment to facilitating trade.
- The Government has established a Coordinating Mechanism to monitor the implementation of the TFA.
- As of 5 October 2017, 122 WTO Members have accepted the TFA.